On September 15, 2015, Crystal Pharmatech Co., Ltd.announced the completion of raising $10 million in Series A funding led by Renren Lianhe Holdings. Crystal Pharmatech will use the funds to furtheraccelerate the growth of the company.
Founded in July 2010, Crystal Pharmatech is a global，technology-drivenresearch organization with operation in both China (Suzhou) and USA (NewJersey) to help pharmaceutical companiesdevelop new drugs efficiently and effectively. It focuses on materials scienceand engineering for drug development, and offers services from solid form screeningand evaluation to processing for active pharmaceutical ingredients andformulations. With its leading platform in solid form research, it has successfullybuilt business relationships with over 150 pharmaceutical companies globallyand become the preferred partner in its field of services. With the raisedcapital, Crystal Pharmatech will continue to focus on solid-state chemistry andincrease investment in technology, talent and operation, aim for being the bestsolid state research partner for global pharmaceutical companies.
"Our strategic investment in Crystal was primarily inspiredby the big growth potential in pharmaceutical industry and Crystal's uniquecapability and proven track record in the pharma arena", states Joe Chen, founderand CEO of Renren. "We are very pleased to welcome Renren to join our excitingadventure, and believe their experience in international operation and cultureof speed and innovation will add great value to our team", said Alex Chen, co-founderand CEO of Crystal Pharmatech. Both believe that the investment and the synergybetween the organizations in valuing creativity, innovation andblue-sky-thinking will add new impetus to Crystal Pharmatech, help Crystal in growthhacking, and bring the company into a new stage.